Do I make solo 401k loan payments to myself?

Self-Employed Solo 401k Question Answered – Do I make solo 401k loan payments to myself?

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Solo 401k FAQ: If I take a loan from my solo 401(k) the interest on paying myself, correct? Not paying it to someone other institution, right?

RESPONSE:

When a Solo 401k owner takes a Solo 401k loan, the Solo 401k owner is certainly not paying it to another institution or to us as the Solo 401k plan provider.

Instead, the loan payments are deposited into the Solo 401k account so the Solo 401k owner is paying the loan back to such person’s retirement account (i.e. the Solo 401k owner’s “future self”).

See more regarding Solo 401k loans.

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About George Blower

I have the privilege of educating our clients about our products and services so that they can make informed and confident decisions about their financial future. Prior to joining My Solo 401k Financial, I served as the general counsel for a subsidiary of a Fortune 500 financial services company. Learn more about George Blower and My Solo 401k Financial >>

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